UBS Group AG Chief Executive Officer Ralph Hamers said the bank is contending with rising pay as it seeks to retain and recruit bankers, complicating efforts to rein in increasing costs.
Hamers said on a conference call on Tuesday that the bank was feeling compensation pressures in both the U.S. and Asia, though remains committed to keeping a cost-to-income ratio within its target of between 70% and 73%. That’s even as surging expenses took the bank outside that goal at the wealth business last quarter.
